Mirvac buys city offices, mall for $552m

PROPERTY group Mirvac is spending more than half a billion dollars buying two Melbourne office blocks and one of Sydney's busiest city shopping malls.

Mirvac chief executive Susan Lloyd-Hurwitz said the $552 million central business district acquisitions would deliver attractive returns in excess of the group's targets.

"These acquisitions are in line with our strategy to hold income producing, CBD office assets that provide us with repositioning and development opportunities in the future," she said in a statement.

The investments include two separate office complexes on Melbourne's Collins Street - valued at $228 million and $72 million - and the Harbourside Shopping Centre in Sydney's Darling Harbour, which it bought for $252 million.

Mirvac shares fell 1.75 cents, or one per cent, to $1.7375 at 1027 AEDT.